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The November WASDE contained no major surprises, with a small global wheat production increase of about 300,000 tonnes. Australian wheat output was cut by 800,000 tonnes, and Argentine production was cut by 500,000 tonnes.
CBOT December wheat fell to 510.25 cents per bushel and soybeans closed lower.
Offsetting changes in global wheat production left the market without a clear direction, with prices trending lower since mid-October. Lower soybean futures reflect weak sentiment rather than a new supply change.
graincentral.comGuest AuthorNov 12, 2019After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
